UPDATE 2-US natgas prices jump 4% to 19-week high on rising LNG flows, hot weather
Adds latest prices
By Scott DiSavino
NEW YORK, June 25 (Reuters) - U.S. natural gas futures jumped about 4% to a 19-week high on Thursday on a rise in gas flows to liquefied natural gas export plants in recent weeks and forecasts for hotter weather and higher demand this week than previously expected.
On their second-to-last day as the front-month, gas futures for July delivery NGc1 on the New York Mercantile Exchange rose 12.2 cents, or 3.8%, to settle at $3.343 per million British thermal units (mmBtu), their highest close since February 6.
The August NGQ26 contract, which will soon be the front-month, gained about 1% to $3.30 per mmBtu.
The U.S. Energy Information Administration (EIA) said energy firms added a near-normal 76 billion cubic feet (bcf) of gas into storage during the week ended June 19, keeping overall stockpiles around 5.7% above normal levels for this time of year.
That was close to the 74-bcf build analysts forecast in a Reuters poll and compares with an increase of 96 bcf during the same week last year and a five-year (2021-2025) average increase of 75 bcf for the period. EIA/GAS NGAS/POLL
SUPPLY AND DEMAND
Financial group LSEG said average gas output in the U.S. Lower 48 states held at 109.7 billion cubic feet per day so far in June, the same as in May. That compares with a monthly record high of 110.6 bcfd in December 2025.
Meteorologists forecast the weather will remain mostly warmer than normal through July 10, which should boost the amount of gas power generators burn to keep air conditioners humming. About 40% of U.S. power generation comes from gas-fired plants.
LSEG projected average gas demand in the Lower 48 states, including exports, would rise from 102.9 bcfd this week to 105.3 bcfd next week. The forecast for this week was higher than LSEG's outlook on Wednesday.
Average gas flows to the nine big U.S. LNG export plants rose from 17.1 bcfd in May to 17.3 bcfd so far in June due in part to recent record feedgas at QatarEnergy/ExxonMobil's XOM.N Golden Pass plant in service and under construction in Texas. That compares with a monthly record high of 18.8 bcfd in April.
In other LNG news, two LNG vessels were sailing directly from the U.S. to China.
One tanker, the LNG Sakura, which has changed its destination more than once, left Berkshire Hathaway Energy's Cove Point LNG export plant in Maryland in mid-May and is expected to reach China around June 26, according to LSEG data. The other vessel is on track to reach China in mid-July.
So far, no LNG tanker has left a U.S. export plant and gone directly to China during U.S. President Donald Trump's second term, which started in January 2025, due primarily to trade disputes between the world's two biggest economies.
China, which imported a large amount of U.S. gas in the past and has many contracts to buy U.S. LNG, is the world's biggest gas importer, while the U.S. is the world's biggest gas producer, consumer and exporter. Chinese companies have bought U.S. LNG and then sold it to buyers in other countries.
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Week ended Jun 19 Actual |
Week ended Jun 12 Actual |
Year ago Jun 19 |
Five-year average (2021-2025) Jun 19 |
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U.S. weekly natgas storage change (bcf): |
+76 |
+73 |
+96 |
+75 |
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U.S. total natgas in storage (bcf): |
2,835 |
2,759 |
2,884 |
2,683 |
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U.S. total storage versus 5-year average |
+5.7% |
+5.8% |
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Global Gas Benchmark Futures ($ per mmBtu) |
Current Day |
Prior Day |
This Month Last Year |
Prior Year Average 2025 |
Five-Year Average (2021-2025) |
Henry Hub NGc1 |
3.27 |
3.22 |
3.64 |
3.62 |
3.79 |
Title Transfer Facility (TTF) TRNLTTFMc1 |
11.85 |
11.99 |
12.38 |
11.94 |
18.51 |
Japan-Korea Marker (JKM) JKMc1 |
15.55 |
15.74 |
13.05 |
12.24 |
18.12 |
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LSEG U.S. Global Forecast System (GFS) Heating, Cooling and Total Degree Days |
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Two-Week Total Forecast |
Current Day |
Prior Day |
Prior Year |
10-Year Norm |
30-Year Norm |
U.S. GFS Heating Degree Days (HDD) |
6 |
4 |
6 |
6 |
6 |
U.S. GFS Cooling Degree Days (CDD) |
217 |
204 |
211 |
190 |
181 |
U.S. GFS Total Degree Days (TDD) |
223 |
208 |
217 |
196 |
187 |
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LSEG U.S. Weekly GFS Supply and Demand Forecasts |
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Prior Week |
Current Week |
Next Week |
This Week Last Year |
Five-Year (2021-2025) Average for Month |
U.S. Supply (bcfd) |
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U.S. Lower 48 Dry Production |
110.2 |
109.5 |
109.1 |
107.2 |
100.6 |
U.S. Imports from Canada |
7.1 |
7.1 |
6.6 |
N/A |
7.7 |
U.S. LNG Imports |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Total U.S. Supply |
117.4 |
116.7 |
115.7 |
N/A |
108.3 |
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U.S. Demand (bcfd) |
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U.S. Exports to Canada |
2.3 |
2.0 |
2.0 |
N/A |
2.3 |
U.S. Exports to Mexico |
7.5 |
7.4 |
7.4 |
N/A |
6.7 |
U.S. LNG Export Feedgas |
17.7 |
17.6 |
17.8 |
14.6 |
12.0 |
U.S. Commercial |
4.3 |
4.3 |
4.4 |
4.4 |
5.0 |
U.S. Residential |
3.5 |
3.6 |
3.7 |
3.8 |
4.2 |
U.S. Power Plant |
39.2 |
38.6 |
40.8 |
44.7 |
39.1 |
U.S. Industrial |
21.7 |
21.6 |
21.6 |
22.3 |
21.8 |
U.S. Plant Fuel |
5.4 |
5.4 |
5.4 |
5.4 |
5.2 |
U.S. Pipe Distribution |
2.0 |
2.0 |
2.1 |
2.0 |
3.0 |
U.S. Vehicle Fuel |
0.1 |
0.1 |
0.1 |
0.1 |
0.2 |
Total U.S. Consumption |
76.4 |
75.8 |
78.1 |
82.7 |
78.5 |
Total U.S. Demand |
103.9 |
102.9 |
105.3 |
N/A |
99.5 |
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N/A = Not Available |
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U.S. Northwest River Forecast Center (NWRFC) at The Dalles Dam (fiscal year ending September 30) |
2026 Current Day % of Normal Forecast |
2026 Prior Day % of Normal Forecast |
2025 % of Normal Actual |
2024 % of Normal Actual |
2023 % of Normal Actual |
Apr-Sep |
84 |
84 |
76 |
74 |
83 |
Jan-Jul |
89 |
89 |
78 |
76 |
77 |
Oct-Sep |
94 |
94 |
80 |
77 |
76 |
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U.S. weekly power generation percent by fuel - EIA |
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Week ended June 26 |
Week ended June 19 |
2025 |
2024 |
2023 |
Wind |
10 |
11 |
11 |
11 |
10 |
Solar |
9 |
9 |
6 |
5 |
4 |
Hydro |
6 |
6 |
6 |
6 |
6 |
Other |
1 |
1 |
1 |
1 |
2 |
Petroleum |
0 |
0 |
0 |
0 |
0 |
Natural Gas |
40 |
40 |
40 |
42 |
41 |
Coal |
16 |
15 |
18 |
16 |
17 |
Nuclear |
19 |
19 |
18 |
19 |
19 |
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SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu) |
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Hub |
Current Day |
Prior Day |
This Month Last Year |
Prior Year Average 2025 |
Five-Year Average (2021-2025) |
Henry Hub NG-W-HH-SNL |
3.19 |
3.15 |
3.12 |
3.52 |
3.72 |
Transco Z6 New York NG-CG-NY-SNL |
2.49 |
2.49 |
2.34 |
3.53 |
3.56 |
PG&E Citygate NG-CG-PGE-SNL |
2.06 |
2.11 |
3.12 |
3.42 |
5.47 |
Eastern Gas (formerly Dominion South) NG-PCN-APP-SNL |
2.43 |
2.40 |
2.17 |
2.79 |
2.96 |
Chicago Citygate NG-CG-CH-SNL |
2.78 |
2.75 |
2.76 |
3.23 |
3.60 |
Algonquin Citygate NG-CG-BS-SNL |
2.60 |
2.70 |
2.97 |
6.08 |
5.04 |
SoCal Citygate NG-SCL-CGT-SNL |
3.29 |
3.29 |
3.59 |
3.60 |
5.71 |
Waha Hub NG-WAH-WTX-SNL |
1.46 |
1.44 |
1.75 |
1.15 |
2.88 |
AECO NG-ASH-ALB-SNL |
1.16 |
1.15 |
0.64 |
1.13 |
2.13 |
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Intercontinental Exchange (ICE) U.S. Power Next-Day Prices ($ per megawatt-hour) |
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Hub |
Current Day |
Prior Day |
This Month Last Year |
Prior Year Average 2025 |
Five-Year Average (2021-2025) |
New England E-NEPLMHP-IDX |
53.00 |
47.18 |
60.18 |
77.61 |
61.79 |
PJM West E-PJWHRTP-IX |
60.20 |
42.83 |
70.06 |
60.23 |
54.47 |
Mid-Columbia (Mid C) W-MIDCP-IDX |
8.95 |
24.99 |
42.59 |
44.81 |
68.96 |
Palo Verde W-PVP-IDX |
30.07 |
35.00 |
38.53 |
34.82 |
59.94 |
South Path-15 (SP-15) W-SP15-IDX |
12.17 |
20.93 |
22.51 |
28.44 |
53.02 |